The private sector lender IDFC First Bank raised interest rates for fixed deposits under Rs. 2 crore.
The private sector lender IDFC First Bank has raised interest rates for fixed deposits under Rs. 2 crores. The higher interest rates are already into effect, according to the bank's official website. With the most recent adjustment, IDFC First Bank will now pay interest at a rate of 6.90% for fixed deposits maturing in 750 days and 6.50% for those maturing in 2 years, 1 day. Prior to this, the bank offered a 6.50% interest rate on fixed deposits with maturities ranging from 2 years, 1 day to 3 years.
Rates for FDs at IDFC First Bank
The bank will continue to offer an interest rate of 3.50% on fixed deposits maturing in 7 days to 29 days and an interest rate of 4.00% on fixed deposits maturing in 30 days to 90 days. On fixed deposits maturing in 91 to 180 days, IDFC First Bank will continue to offer an interest rate of 4.50%, and on deposits maturing in 181 days or more, the interest rate will remain at 5.75%. Fixed deposits with maturities between 1 year and 499 days will continue to pay 6.25% interest, and term deposits with maturities between 500 days and 2 years will continue to pay 6.50% interest.
There is currently a maximum interest rate of 6.90% for term deposits maturing in 750 days, while the interest rate for fixed deposits maturing in 2 years, 1 day, 749 days, and 2 years, 1 day and more is currently 6.50%. Fixed deposits with maturity ranging from 751 days to 5 years will continue to receive interest from IDFC First Bank at a rate of 6.50%. While IDFC First Bank will continue to offer an interest rate of 6.50% on tax-saving fixed deposits, the bank will continue to offer an interest rate of 6% on fixed deposits maturing in 5 years, 1 day to 10 years.
On its website, IDFC First Bank mentioned that “The incentive for Senior Citizens will be at an additional spread of 0.50% over the above rate and will not be available for NRO Fixed Deposits. Rates up to 180 days are on a “simple interest" basis. Interest on tenor above 180 days is payable/compounded on quarterly basis."
Additionally, the bank stated on its website that “Compound Interest/ re-investment interest is calculated every quarter and is added to the Principal such that Interest is paid on the Interest earned in the previous quarter as well. For deposits with monthly interest pay-out option, the interest shall be calculated for the quarter and paid monthly at a discounted rate over the Standard FD Rate."
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